The Commodity Futures Trading Commission (CFTC) has obtained a default judgment against four individuals involved in the iComTech cryptocurrency Ponzi scheme. David Carmona, Juan Parra, Moses Valdez, and David Brend are now on the hook for $1.09 million in restitution to victims and a $1 million civil penalty.
This judgment represents the financial losses suffered by 190 individuals who fell prey to the scheme. The CFTC filed its civil fraud lawsuit against iComTech in September 2022, alleging that the defendants operated a fraudulent digital asset Ponzi scheme. They solicited at least $14 million from customers, promising substantial profits from trading in crypto assets. Instead, the funds were allegedly siphoned off for personal use and to pay earlier investors.
Carmona, identified as the founder of iComTech, faces significant legal consequences beyond the CFTC's civil action. He was sentenced last month to ten years in federal prison for his role in the scheme. Ochoa, another defendant, received a five-year prison sentence in January 2024. Brend is scheduled for sentencing on November 22nd.
The CFTC's case against the remaining defendant, Marco Ruiz Ochoa, has also reached a resolution. Ochoa has settled with the commission for the same jointly liable restitution amount of $1.09 million. A lockdown at the facility where Ochoa was held had previously delayed the finalization of his settlement, impacting his mail privileges until October 16th. His counsel expects Ochoa to sign the Consent Order, which will then be submitted to the court for final approval.
The court has rescheduled a pending scheduling conference in Ochoa's case for December 12th, 2024. This brings the CFTC closer to fully resolving its claims against all parties involved in the iComTech fraud.